14 Apr, 2024
2 mins read

How Life Insurance Agents Can Assess Their Readiness to Market in 2024

In “How Life Insurance Agents Can Protect Themselves While Protecting Others,” I suggested that agents should continually monitor the regulatory and legal trends affecting their practices and adjust their own risk management programs accordingly.

In this article, I’ll move on from agents’ risk management to some marketing themes and trends that agents might want to consider in what could be a challenging year ahead. Keeping with the conversational tone from the previous article, I’ll pretend that I’m talking directly to an agent.

Consider Demographics

Are there any notable trends in terms of how your clients and prospects view their situations, goals, concerns and, for that matter, their future? If so, what are these trends, and what are their implications for your practice?

For example, it seems that traditional life cycle phase concepts of personal financial planning are changing. Many individuals, including me, were told to see their financial lives as a continuum from accumulation of assets, to conservation of those assets for their generation, to their distribution to the next generation. And, distinct planning strategies and financial products were associated with each phase. Apparently, movement from one phase to the next was less about the calendar and more about the individual or couple’s state of mind, as well as the state of their finances. Anyway, the trend I see is that the great and growing uncertainties associated with the economics of aging will cause many individuals, even those of means, to spend much more time in the conservation phase before feeling comfortable about moving to distribution, if they ever do .

Assuming you give some credence to this trend, its implications for your practice will depend on your market and which lifecycle phase has been the focal point of your marketing, sales process, product mix, networking among advisors and so

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